Personal Loan FEATURE SERVICE DETAILS
Personal Loan
Personal loans are an unsecured form of credit that is popular to meet immediate requirements. It is multi-purpose in nature and therefore can be used for various purposes including wedding, home renovation, travel purposes and more. Moreover, there is no restriction for the amount borrowed and can be used for any purpose they want. In fact, a personal loan can help you build your credit faster when compared with other forms of credit. This is because of the risk it carries due to being unsecured. A personal loan can be availed when an individual has an immediate requirement of funds, with minimal documentation, processing time with immediate disbursal to Customer bank account. It serves as a great option for individual for meeting their immediate financial requirements.
Types of Personal loan
Loan for wedding
In India, a normal wedding cost ₹25 lakhs on an average! Exhausting all your savings for all the wedding expenses is not an ideal option. This is where you apply online personal loan and cover the expenses. Now, planning a wedding is now easy.
Loan for Travel
Apart from home renovation or wedding, you can get personal loan to cover your travel expenses. Since it is convenient and an economic option, it can be an open option. Moreover, it can alternate your uses with your credit card and help you save on interest costs.
Fresh Funding
Meeting working capital requirements can be a daunting process and without raising fresh funds, the everyday operations can get affected. A personal loan can be the best alternative option to meet your short-term working capital requirements such as cover accounts payable, wages,
Home Improvement
There’s something that can be always done to your home and this is where an instant personal loan can help you fulfill them. From remodelling your kitchen to making your house a perfect mix of comfort and durability, a personal loan for home renovation can be the solution.
Benefits and Features of Personal Loan
Multipurpose in nature
A personal loan can be used for anything except for investment and illegal activities. Apart from that, it is multipurpose in nature and can be used for anything. Other forms of credit when taken are for a specific purpose and can be used only for the same. For example, a home loan is used for purchasing a house whereas a car loan is taken to buy a car. However, a personal loan can be taken to offset any immediate requirements.
No collateral required
One of the benefits associated with an online personal loan is that it is unsecured in nature. This means you don’t need to pledge any collateral for your loan. Although this can be a reason for your interest rate, you can get a low-interest personal loan easily if you meet the eligibility requirements.
Minimal Documentation
In this age of digitisation, the process of verification and documentation has now become short. This is applicable for an instant personal loan as they are fast in disbursal and require minimum documents for approval.
Easy Approval
You can get personal loans that are quick and easy in approval. This is why it is the best bet in times of financial emergency. Moreover, the process has become digital; thus reducing time in the verification process..
Personal Loan - Eligibility
Personal loans are provided by most of the banks/NBFCs but with different eligibility requirements. However, there are certain criteria that are common for all financial institutions. The eligibility criteria to get an online personal loan approval for salaried and self-employed individuals are:
2) ITR of last 3 years
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